• Crypto.com, one of the world’s top exchanges by volume, will delist Tether’s dollar-linked stablecoin, USDT, from its trading platform for users in Canada.
• The decision was made “in accordance with instructions from the Ontario Securities Commission (OSC) as part of our pre-registration undertaking for a restricted dealer license.”
• All USDT trading pairs, transactions, deposits and withdrawals will be delisted by 1 p.m. ET on Jan. 31 and all remaining USDT user deposits will be converted to Circle-issued USDC.
Crypto.com, one of the world’s leading crypto exchanges, has announced that it will be delisting Tether’s USDT stablecoin for Canadian users. The decision comes following instructions from the Ontario Securities Commission (OSC) as part of Crypto.com’s pre-registration process for a restricted dealer license.
The move follows in the wake of increased regulatory scrutiny of centralized exchanges and the collapse of FTX. The Canadian Securities Administrators (CSA) have committed to stronger oversight over crypto exchanges and other related activities. This news has been met with both positive and negative reactions in the community, some of whom are worried about the potential consequences of such a delisting.
All USDT trading pairs, transactions, deposits and withdrawals will be delisted by 1 p.m. ET on January 31. All remaining USDT user deposits on the exchange after that time will be converted to Circle-issued USDC. Crypto.com has also said that it will be providing additional details about the delisting process in the days to come.
The delisting of USDT from Crypto.com’s platform is just one example of the increased scrutiny that crypto exchanges have been subject to in recent months. It also highlights the intensifying competition between the top stablecoins. The overall impact of Crypto.com’s delisting of USDT remains to be seen, but it’s clear that the regulatory environment surrounding crypto exchanges is changing rapidly.